Genco Shipping & Trading Limited (NYSE:GNK) Receives $23.67 Consensus Target Price from Brokerages

Genco Shipping & Trading Limited (NYSE:GNK) has been given an average rating of “Hold” by the five ratings firms that are presently covering the stock, Marketbeat reports. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $23.6667.

A number of research firms have recently weighed in on GNK. Zacks Research cut Genco Shipping & Trading from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 30th. Alliance Global Partners reaffirmed a “neutral” rating on shares of Genco Shipping & Trading in a research report on Wednesday, June 17th. Weiss Ratings upgraded Genco Shipping & Trading from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, May 8th. Finally, Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $29.00 price target on shares of Genco Shipping & Trading in a report on Friday, May 8th.

Genco Shipping & Trading Price Performance

Shares of GNK stock opened at $24.65 on Friday. Genco Shipping & Trading has a 1-year low of $13.36 and a 1-year high of $27.25. The stock’s 50-day moving average is $24.20 and its 200 day moving average is $22.30. The company has a market cap of $1.07 billion, a P/E ratio of 64.87, a PEG ratio of 3.57 and a beta of 0.93. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.98 and a quick ratio of 2.41.

Genco Shipping & Trading (NYSE:GNK) last released its quarterly earnings results on Wednesday, May 6th. The shipping company reported $0.26 earnings per share for the quarter, beating analysts’ consensus estimates of $0.07 by $0.19. The business had revenue of $114.43 million for the quarter, compared to analysts’ expectations of $65.73 million. Genco Shipping & Trading had a net margin of 4.38% and a return on equity of 2.49%. The company’s revenue was up 60.6% compared to the same quarter last year. During the same period last year, the business earned ($0.28) EPS. Research analysts predict that Genco Shipping & Trading will post 1.81 earnings per share for the current fiscal year.

Genco Shipping & Trading Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, May 26th. Investors of record on Monday, May 18th were given a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 5.7%. The ex-dividend date of this dividend was Monday, May 18th. Genco Shipping & Trading’s dividend payout ratio (DPR) is presently 368.42%.

Institutional Trading of Genco Shipping & Trading

Large investors have recently added to or reduced their stakes in the company. Millennium Management LLC grew its stake in Genco Shipping & Trading by 100.3% in the 4th quarter. Millennium Management LLC now owns 543,290 shares of the shipping company’s stock valued at $10,013,000 after acquiring an additional 272,094 shares during the period. SG Americas Securities LLC raised its position in Genco Shipping & Trading by 364.8% during the first quarter. SG Americas Securities LLC now owns 307,663 shares of the shipping company’s stock worth $6,938,000 after acquiring an additional 241,471 shares during the period. Citigroup Inc. lifted its holdings in Genco Shipping & Trading by 727.6% during the third quarter. Citigroup Inc. now owns 215,412 shares of the shipping company’s stock valued at $3,834,000 after purchasing an additional 189,383 shares in the last quarter. First Trust Advisors LP lifted its holdings in Genco Shipping & Trading by 705.9% during the third quarter. First Trust Advisors LP now owns 133,631 shares of the shipping company’s stock valued at $2,379,000 after purchasing an additional 117,049 shares in the last quarter. Finally, Hsbc Holdings PLC acquired a new stake in shares of Genco Shipping & Trading in the first quarter valued at about $2,552,000. Hedge funds and other institutional investors own 58.62% of the company’s stock.

About Genco Shipping & Trading

Genco Shipping & Trading Limited is a leading global owner and operator of drybulk vessels, providing seaborne transportation services for major commodities such as iron ore, coal, grain and fertilizers. The company’s fleet comprises Capesize, Panamax and Supramax vessels, which are chartered to a broad base of international charterers under both spot and period contracts. Genco’s focus on modern, fuel-efficient tonnage supports reliable cargo delivery across a variety of trade routes and market conditions.

In addition to vessel ownership and operation, Genco offers ship management, maintenance and technical support services designed to maximize fleet performance and safety.